GREENWAY BLOG

A greener look at a mortgage process unlike anything you have
experienced before. Where experience, efficiency & integrity meet.

Why Reverse Mortgages?

Why Reverse Mortgages?

  Reverse mortgages, available to qualifying homeowners ages 62+, generally come with no limits on the use of the funds. Reverse mortgage funds are first used to pay any liens on the home, including a regular mortgage or home equity loan. In some cases, a portion of proceeds is withheld or set aside to pay taxes and insurance. Remaining funds often: Offset day-to-day living expenses. Cover emergency expenditures, such as car or home repairs. Pay for medical costs. Provide for in-home care, allowing the owner to remain in their own home longer. Sometimes, homeowners use a reverse mortgage just to pay off their existing loan. They do not access...

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Fed Increases Rates This November

Fed Increases Rates This November

  Let's look beyond the Fed rate increase. As expected, the Fed raised policy rates by 0.75% at their November meeting. That's not the most interesting thing. Investors were hoping the Fed would signal it's ready to ease off the current pace of rate hikes. And that's what happened. The Fed's statement hinted the Committee may pull back to allow time for the economy to feel the impacts of changes, though it's still committed to using rate increases to tame inflation. As usual, there's no need to assume mortgage rates will rise the same amount as the Fed's rate boost. Other market forces are also at play, and rates often move...

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MarketMinute | Why Are Americans Moving Further?

MarketMinute | Why Are Americans Moving Further?

The Fed raised policy rates by 0.75% this week and signaled that future hikes may be smaller but rates may go higher than initially expected. Manufacturing neared stagnation in October as orders contracted for the 4th time in 5 months, reaching the lowest level since May 2020. According to ADP, wages increased 7.7% and companies added 239K jobs in October, more than expected, showing strength in the labor market. Construction spending unexpectedly rebounded in September, despite a further decline in outlays on single-family...

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MarketMinute | Home Price News

MarketMinute | Home Price News

Consumer confidence ebbed in October after 2 straight monthly increases, reflecting concerns about inflation and a possible recession. The economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing recession fears. Weekly jobless claims edged higher to 217K but were still below the 220K estimate and still signaled a strong labor market. Despite cooling at a record pace in August, home prices were 13% higher nationally than last year, according to Case-Shiller....

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What is a 2-1 Buydown Loan? 

What is a 2-1 Buydown Loan? 

  When interest rates were at historic lows, a typical fixed rate mortgage loan was all most people needed. Now, rates have risen. They’re still below long-term averages, yet appreciably higher than before. And of course, higher interest rates lead to higher monthly payments. Here at Greenway Mortgage, we recognize the rising rate environment and how homeownership may feel out of reach for some. That’s why we now offer a 2-1 Buydown Program to help counteract the trend towards higher rates. It’s what everyone’s talking about these days, a 2-1 Buydown.  We’re sure you’ve probably heard of it, but you may not know exactly what it...

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